Bài tập môn kế toán quốc tế có lời giải năm 2024

1. TOÁN QUỐC TẾ 1) ( Lưu hành nội bộ)
2. ACCOUNTING CYCLE EXERCISE 4.1 Gordon Beckham started his own delivery service, Beckham Deliveries, on June 1, 2012.The following transactions occurred during the month of June. June 1 Gordon invested $10,000 cash in the business. 2 Purchased a used van for deliveries for $12,000. Gordon paid $2,000 cash and signed a note payable for the remaining balance. 3 Paid $500 for office rent for the month. 5 Performed $4,400 of services on account. 9 Withdrew $200 cash for personal use. 12 Purchased supplies for $150 on account. 15 Received a cash payment of $1,250 for services provided on June 5. 17 Purchased gasoline for $200 on account. 20 Received a cash payment of $1,300 for services provided. 23 Made a cash payment of $600 on the note payable. 26 Paid $250 for utilities. 29 Paid for the gasoline purchased on account on June 17. 30 Paid $1,000 for employee salaries. Instructions (a) Show the effects of the previous transactions on the accounting equation using the following format. (b) Prepare an income statement for the month of June. (c) Prepare a balance sheet at June 30, 2012.
3. is a licensed CPA. During the first month of operations of her business, the following events and transactions occurred. May 1 Clark invested $20,000 cash in her business. 2 Hired a secretary-receptionist at a salary of $2,000 per month. 3 Purchased $2,500 of supplies on account from Read Supply Company. 7 Paid office rent of $900 cash for the month. 11 Completed a tax assignment and billed client $3,200 for services provided. 12 Received $3,500 advance on a management consulting engagement. 17 Received cash of $1,200 for services completed for C. Desmond Co. 31 Paid secretary-receptionist $2,000 salary for the month. 31 Paid 60% of balance due Read Supply Company. Desiree uses the following chart of accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 126 Supplies, No. 201 Accounts Payable, No. 209 Unearned Service Revenue, No. 301 Owner’s Capital, No. 400 Service Revenue, No. 726 Salaries and Wages Expense, and No. 729 Rent Expense. Instructions (a) Journalize the transactions. (b) Post to the ledger accounts. (c) Prepare a trial balance on May 31, 2012.
4. Motel opened for business on May 1, 2012. Its trial balance before adjustment on May 31 is as follows. BEAR MOTEL Trial Balance May 31, 2012 Account Number Debit Credit 101 Cash $ 3,500 126 Supplies 2,080 130 Prepaid Insurance 2,400 140 Land 12,000 141 Buildings 60,000 149 Equipment 15,000 201 Accounts Payable $ 4,800 208 Unearned Rent Revenue 3,300 275 Mortgage Payable 40,000 301 Owner’s Capital 41,380 429 Rent Revenue 10,300 610 Advertising Expense 600 726 Salaries and Wages Expense 3,300 732 Utilities Expense 900 $99,780 $99,780 In addition to those accounts listed on the trial balance, the chart of accounts for Bear Motel also contains the following accounts and account numbers: No. 142 Accumulated Depreciation - Buildings, No. 150 Accumulated Depreciation - Equipment, No. 212 Salaries and Wages Payable, No. 230 Interest Payable, No. 619 Depreciation Expense, No. 631 Supplies Expense, No. 718 Interest Expense, and No. 722 Insurance Expense. Other data: 1. Prepaid insurance is a 1-year policy starting May 1, 2012. 2. A count of supplies shows $750 of unused supplies on May 31. 3. Annual depreciation is $3,000 on the buildings and $1,500 on equipment. 4. The mortgage interest rate is 12%. (The mortgage was taken out on May 1.)
5. the unearned rent revenue has been earned. 6. Salaries of $750 are accrued and unpaid at May 31. Instructions (a) Journalize the adjusting entries on May 31. (b) Prepare a ledger using the three-column form of account. Enter the trial balance amounts and post the adjusting entries. (Use J1 as the posting reference.) (c) Prepare an adjusted trial balance on May 31. (d) Prepare an income statement and an owner’s equity statement for the month of May and a balance sheet at May 31 EXERCISE 4.4 On November 1, 2012, the account balances of Robinson Equipment Repair were as follows. During November, the following summary transactions were completed. Nov. 8 Paid $1,700 for salaries due employees, of which $700 is for October salaries. 10 Received $3,420 cash from customers on account. 12 Received $3,100 cash for services performed in November. 15 Purchased equipment on account $2,000. 17 Purchased supplies on account $700. 20 Paid creditors on account $2,700. 22 Paid November rent $400. 25 Paid salaries $1,700. 27 Performed services on account and billed customers for services provided $1,900. 29 Received $600 from customers for future service.
6. of: 1. Supplies on hand $1,400. 2. Accrued salaries payable $350. 3. Depreciation for the month is $200. 4. Unearned service revenue of $1,250 is earned. Instructions (a) Enter the November 1 balances in the ledger accounts. (b) Journalize the November transactions. (c) Post to the ledger accounts. Use J1 for the posting reference. Use the following additional accounts: No. 407 Service Revenue, No. 615 Depreciation Expense, No. 631 Supplies Expense, No. 726 Salaries and Wages Expense, and No. 729 Rent Expense. (d) Prepare a trial balance at November 30. (e) Journalize and post adjusting entries. (f) Prepare an adjusted trial balance. (g) Prepare an income statement and an owner’s equity statement for November and a balance sheet at November 30 EXERCISE 4.5 Selected accounts for Brianna’s Salon are presented below. All June 30 postings are from closing entries. Instructions (a) Prepare the closing entries that were made. (b) Post the closing entries to Income Summary
7. opened Julie’s Maids Cleaning Service on July 1, 2012. During July, the company completed the following transactions. July 1 Invested $14,000 cash in the business. 1 Purchased a used truck for $10,000, paying $3,000 cash and the balance on account. 3 Purchased cleaning supplies for $800 on account. 5 Paid $1,800 on a one-year insurance policy, effective July 1. 12 Billed customers $3,800 for cleaning services. 18 Paid $1,000 of amount owed on truck, and $400 of amount owed on cleaning supplies. 20 Paid $1,600 for employee salaries. 21 Collected $1,400 from customers billed on July 12. 25 Billed customers $1,500 for cleaning services. 31 Paid gasoline for the month on the truck, $400. 31 Withdrew $600 cash for personal use. The chart of accounts for Julie’s Maids Cleaning Service contains the following accounts: No.101 Cash, No. 112 Accounts Receivable, No. 128 Supplies, No. 130 Prepaid Insurance, No. 157 Equipment, No. 158 Accumulated Depreciation—Equipment, No. 201 Accounts Payable, No. 212 Salaries and Wages Payable, No. 301 Owner’s Capital, No. 306 Owner’s Drawings, No. 350 Income Summary, No. 400 Service Revenue, No. 633 Gasoline Expense, No. 634 Supplies Expense, No. 711 Depreciation Expense, No. 722 Insurance Expense, and No. 726 Salaries and Wages Expense. Instructions (a) Journalize and post the July transactions. Use page J1 for the journal. (b) Prepare a trial balance at July 31. (c) Journalize and post the adjusting entries at July 31 with the following data: (1) Earned but unbilled fees at July 31 were $1,300. (2) Depreciation on equipment for the month was $200. (3) One-twelfth of the insurance expired.
8. count shows $100 of cleaning supplies on hand at July 31. (5) Accrued but unpaid employee salaries were $500. (d) Prepare the income statement and owner’s equity statement for July, and a classified balancesheet at July 31, 2012. (e) Journalize and post the adjusting entries. Use page J2 for the journal. (f) Journalize and post the closing entries, and complete the closing process. Use page J3 for the journal. (g) Prepare a post-closing trial balance at July 31 EXERCISE 4.7 The financial statement of Carlos Company for the Year Ended December 2012 Instructions (a) Prepare an income statement, owner’s equity statement, and a classified balance sheet. B. Carlos made an additional investment in the business of $4,000 during 2012. (b) Prepare the closing entries. (c) Post the closing entries and rule and balance the accounts. Use T accounts. Income
9. No. 350. (d) Prepare a post-closing trial balance. EXERCISE 4.8 J’Morcus Webb Company discovered the following errors made in January 2012. 1. A payment of Salaries and Wages Expense of $700 was debited to Equipment and credited to Cash, both for $700. 2. A collection of $1,000 from a client on account was debited to Cash $100 and credited to Service Revenue $100. 3. The purchase of equipment on account for $760 was debited to Equipment $670 and credited to Accounts Payable $670. Instructions (a) Correct the errors by reversing the incorrect entry and preparing the correct entry. (b) Correct the errors without reversing the incorrect entry. EXERCISE 4.9 Williams Company has an inexperienced accountant. During the first 2 weeks on the job, the accountant made the following errors in journalizing transactions. All entries were posted as made. 1. A payment on account of $840 to a creditor was debited to Accounts Payable $480 and credited to Cash $480. 2. The purchase of supplies on account for $560 was debited to Equipment $56 and credited to Accounts Payable $56. 3. A $500 withdrawal of cash for C. Williams’ personal use was debited to Salaries and Wages Expense $500 and credited to Cash $500. Instructions: Prepare the correcting entries.
10. ACCOUNTING FOR MERCHANDISE OPERATIONS EXERCISE 5.1 Balboa Bank and Trust is considering giving Rodrigo Company a loan. Before doing so, they decide that further discussions with Rodrigo’s accountant may be desirable. One area of particular concern is the inventory account, which has a year-end balance of $297,000. Discussions with the accountant reveal the following. 1. Rodrigo sold goods costing $38,000 to Santoro Company, FOB shipping point, on December 28. The goods are not expected to arrive at Santoro until January 12. The goods were not included in the physical inventory because they were not in the warehouse. 2. The physical count of the inventory did not include goods costing $95,000 that were shipped to Rodrigo FOB destination on December 27 and were still in transit at year-end. 3. Rodrigo received goods costing $22,000 on January 2. The goods were shipped FOB shipping point on December 26 by Penelope Co. The goods were not included in the physical count. 4. Rodrigo sold goods costing $35,000 to Naomi Co., FOB destination, on December 30. The goods were received at Naomi on January 8. They were not included in Rodrigo’s physical inventory. 5. Rodrigo received goods costing $44,000 on January 2 that were shipped FOB destination on December 29. The shipment was a rush order that was supposed to arrive December 31. This purchase was included in the ending inventory of $297,000. Instructions Determine the correct inventory amount on December 31. EXERCISE 5.2 Yemi Ltd. is a retailer operating in Edmonton, Alberta. Yemi uses the perpetual inventory method. All sales returns from customers result in the goods being returned to inventory; the inventory is not damaged. Assume that there are no credit transactions; all amounts are settled in cash.
11. with the following information for Yemi Ltd. for the month of January 2012. Instructions (a) For each of the following cost flow assumptions, calculate (i) cost of goods sold, (ii) ending inventory, and (iii) gross profit. (1) LIFO. (2) FIFO. (3) Moving-average cost. (b) Compare results for the three cost flow assumptions EXERCISE 5.3 Pace Distributing Company completed the following merchandising transactions in the month of April. At the beginning of April, the ledger of Pace showed Cash of $9,000 and Owner’s Capital of $9,000. Apr. 2 Purchased merchandise on account from Monaghan Supply Co. $6,900, terms 1/10, n/30. 4 Sold merchandise on account $6,500, FOB destination, terms 1/10, n/30. The cost of the merchandise sold was $3,900. 5 Paid $240 freight on April 4 sale. 6 Received credit from Monaghan Supply Co. for merchandise returned $500. 11 Paid Monaghan Supply Co. in full, less discount.
12. in full, less discounts, from customers billed on April 4. 14 Purchased merchandise for cash $3,800. 16 Received refund from supplier for returned goods on cash purchase of April 14, $500. 18 Purchased merchandise from Dominic Distributors $4,500, FOB shipping point, terms 2/10, n/30. 20 Paid freight on April 18 purchase $100. 23 Sold merchandise for cash $7,400. The merchandise sold had a cost of $4,120. 26 Purchased merchandise for cash $2,300. 27 Paid Dominic Distributors in full, less discount. 29 Made refunds to cash customers for defective merchandise $90. The returned merchandise had a fair value of $30. 30 Sold merchandise on account $3,700, terms n/30. The cost of the merchandise sold was $2,800. Pace Distributing Company’s chart of accounts includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Inventory, No. 201 Accounts Payable, No. 301 Owner’s Capital, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, No. 414 Sales Discounts, No. 505 Cost of Goods Sold, and No. 644 Freight-out. Instructions (a) Journalize the transactions using a perpetual inventory system. (b) Enter the beginning cash and capital balances, and post the transactions. (Use J1 for the journal reference.) (c) Prepare the income statement through gross profit for the month of April 2012 EXERCISE 5.4 Cusick Department Store is located near the Village Shopping Mall. At the end of the company’s calendar year on December 31, 2012, the following accounts appeared in two of its trial balances.
13. multiple-step income statement, an owner’s equity statement, and a classified balance sheet. $25,000 of the mortgage payable is due for payment next year. (b) Journalize the adjusting entries that were made. (c) Journalize the closing entries that are necessary. EXERCISE 5.5 The following transactions occurred during December. Dec. 3 Purchased 4,000 units of inventory on account at a cost of $0.72 per unit. 5 Sold 4,400 units of inventory on account for $0.90 per unit. (It sold 3,000 of the $0.60 units and 1,400 of the $0.72.)
14. December 5 customer $180 credit for 200 units of inventory returned costing $150. These units were returned to inventory. 17 Purchased 2,200 units of inventory for cash at $0.80 each. 22 Sold 2,000 units of inventory on account for $0.95 per unit. (It sold 2,000 of the $0.72 units.) Adjustment data: 1. Accrued salaries payable $400. 2. Depreciation $200 per month. Instructions (a) Journalize the December transactions and adjusting entries, assuming Ruggiero uses the perpetual inventory method. (b) Enter the December 1 balances in the ledger T accounts and post the December transactions. In addition to the accounts mentioned above, use the following additional accounts: Cost of Goods Sold, Depreciation Expense, Salaries and Wages Expense, Salaries and Wages Payable, Sales Revenue, and Sales Returns and Allowances. (c) Prepare an adjusted trial balance as of December 31, 2012. (d) Prepare an income statement for December 2012 and a classified balance sheet at December 31, 2012.
15. ACCOUNTING FOR RECEIVABLES EXERCISE 6.1 The following represents selected information taken from a company’s aging schedule to estimate uncollectible accounts receivable at year-end. Instructions (a) Calculate the total estimated bad debts based on the above information. (b) Prepare the year-end adjusting journal entry to record the bad debts using the allowance method and the aged uncollectible accounts receivable determined in (a). Assume the current balance in Allowance for Doubtful Accounts is a $3,000 credit. (c) Of the above accounts, $1,600 is determined to be specifically uncollectible. Prepare the journal entry to write off the uncollectible accounts. (d) The company subsequently collects $700 on a specific account that had previously been determined to be uncollectible in (c). Prepare the journal entry(ies) necessary to restore the account and record the cash collection. (e) Explain how establishing an allowance account satisfies the expense recognition principle. EXERCISE 6.2 At December 31, 2012, the trial balance of Flexenfusser Company contained the following amounts before adjustment.
16. adjusting entry at December 31, 2012, to record bad debts expense under each of the following independent assumptions. (1) An aging schedule indicates that $12,500 of accounts receivable will be uncollectible. (2) The company estimates that 2% of sales will be uncollectible. (b) Repeat part (a) assuming that instead of a credit balance, there is a $1,100 debit balance in Allowance for Doubtful Accounts. (c) During the next month, January 2013, a $3,200 account receivable is written off as uncollectible. Prepare the journal entry to record the write-off. (d) Repeat part (c) assuming that Flexenfusser Company uses the direct write-off method instead of the allowance method in accounting for uncollectible accounts receivable. (e) What are the advantages of using the allowance method in accounting for uncollectible accounts as compared to the direct write-off method? EXERCISE 6.3 Stroup Supply Co. has the following transactions related to notes receivable during the last 2 months of 2012. Nov. 1 Loaned $15,000 cash to Jorge Perez on a 1-year, 10% note. Dec. 11 Sold goods to Armle Hammer, Inc., receiving a $6,750, 90-day, 8% note. 16 Received a $4,000, 6-month, 9% note in exchange for Max Weinberg’s outstanding accounts receivable. 31 Accrued interest revenue on all notes receivable Instructions: (a) Journalize the transactions for Stroup Supply Co. (b) Record the collection of the Perez note at its maturity in 2013.
17. Company had the following select transactions. Apr. 1, 2012 Accepted Shatner Company’s 1-year, 12% note in settlement of a $20,000 account receivable. July 1, 2012 Loaned $25,000 cash to Richie Rosenberg on a 9-month, 10% note. Dec. 31, 2012 Accrued interest on all notes receivable. Apr. 1, 2013 Received principal plus interest on the Shatner note. Apr. 1, 2013 Richie Rosenberg dishonored its note; La Bamba expects it will eventually collect. Instructions: Prepare journal entries to record the transactions. La Bamba prepares adjusting entries once a year on December 31. EXERCISE 6.5 On January 1, 2012, DeCarlo Company had Accounts Receivable $98,000 and Allowance for Doubtful Accounts $8,100. DeCarlo Company prepares financial statements annually. During the year, the following selected transactions occurred. Jan. 5 Sold $10,800 of merchandise to Kelly Company, terms n/30. Feb. 2 Accepted a $10,800, 4-month, 10% promissory note from Kelly Company for the balance due. 12 Sold $13,500 of merchandise to Raymond Company and accepted Raymond’s $13,500, 2-month, 10% note for the balance due. 26 Sold $7,000 of merchandise to Ringspin Co., terms n/10. Apr. 5 Accepted a $7,000, 3-month, 8% note from Ringspin Co. for the balance due. 12 Collected Raymond Company note in full. June 2 Collected Kelly Company note in full.
18. Co. dishonors its note of April 5. It is expected that Ringspin will eventually pay the amount owed. 15 Sold $12,000 of merchandise to Butter Co. and accepted Butter’s $12,000, 3- month,12% note for the amount due. Oct. 15 Butter Co.’s note was dishonored. Butter Co. is bankrupt, and there is no hope of future settlement. Instructions Journalize the transactions EXERCISE 6.6 Porter Company’s balance sheet at December 31, 2011, is presented below. During January 2012, the following transactions occurred. Porter uses the perpetual inventory method. Jan. 1 Porter accepted a 4-month, 8% note from Anderko Company in payment of Anderko’s $1,200 account. 3 Porter wrote off as uncollectible the accounts of Elrich Corporation ($450) and Rios Company ($280). 8 Porter purchased $17,200 of inventory on account. 11 Porter sold for $25,000 on account inventory that cost $17,500.
19. inventory that cost $700 to Fred Berman for $1,000. Berman charged this amount on his Visa First Bank card. The service fee charged Porter by First Bank is 3%. 17 Porter collected $22,900 from customers on account. 21 Porter paid $16,300 on accounts payable. 24 Porter received payment in full ($280) from Rios Company on the account written off on January 3. 27 Porter purchased advertising supplies for $1,400 cash. 31 Porter paid other operating expenses, $3,218. Adjustment data: 1. Interest is recorded for the month on the note from January 1. 2. Bad debts are expected to be 6% of the January 31, 2012, accounts receivable. 3. A count of advertising supplies on January 31, 2012, reveals that $560 remains unused. Instructions (You may want to set up T accounts to determine ending balances.) (a) Prepare journal entries for the transactions listed above and adjusting entries. (Include entries for cost of goods sold using the perpetual system.) (b) Prepare an adjusted trial balance at January 31, 2012. (c) Prepare an income statement and an owner’s equity statement for the month ending January 31, 2012, and a classified balance sheet as of January 31, 2012. EXERCISE 6.7 Presented below are two independent situations. (a) On April 2, Brooklyn Decker uses her J. C. Penney Company credit card to purchase merchandise from a J. C. Penney store for $1,500. On May 1, Decker is billed for the $1,500 amount due. Decker pays $700 on the balance due on May 3. On June 1, Decker receives a
20. amount due, including interest at 1.0% per month on the unpaid balance as of May 3. Prepare the entries on J. C. Penney Co.’s books related to the transactions that occurred on April 2, May 3, and June 1. (b) On July 4, Vanderloo’s Restaurant accepts a Visa card for a $200 dinner bill. Visa charges a 3% service fee. Prepare the entry on Vanderloo’s books related to this transaction
21. PLANT ASSETS, NATURAL RESOURCES AND INTANGIBLE ASSETS EXERCISE 7.1 In recent years, Sonya Transportation purchased three used buses. Because of frequent turnover in the accounting department, a different accountant selected the depreciation method for each bus, and various methods were selected. For the declining-balance method, the company uses the double-declining rate. For the units- ofactivity method, total miles are expected to be 120,000. Actual miles of use in the first 3 years were: 2011, 24,000; 2012, 34,000; and 2013, 30,000. Instructions (a) Compute the amount of accumulated depreciation on each bus at December 31, 2012. (b) If bus no. 2 was purchased on April 1 instead of January 1, what is the depreciation expense for this bus in (1) 2010 and (2) 2011? EXERCISE 7.2 On January 1, 2012, Tiggy Company purchased the following two machines for use in its production process.
22. cash price of this machine was $38,000. Related expenditures included: sales tax $1,700, shipping costs $150, insurance during shipping $80, installation and testing costs $70, and $100 of oil and lubricants to be used with the machinery during its first year of operations. Tiggy estimates that the useful life of the machine is 5 years with a $5,000 salvage value remaining at the end of that time period. Assume that the straight-line method of depreciation is used. Machine B: The recorded cost of this machine was $160,000. Tiggy estimates that the useful life of the machine is 4 years with a $10,000 salvage value remaining at the end of that time period. Instructions (a) Prepare the following for Machine A. (1) The journal entry to record its purchase on January 1, 2012. (2) The journal entry to record annual depreciation at December 31, 2012. (b) Calculate the amount of depreciation expense that Tiggy should record for machine B each year of its useful life under the following assumptions. (1) Tiggy uses the straight-line method of depreciation. (2) Tiggy uses the declining-balance method. The rate used is twice the straight-line rate. (3) Tiggy uses the units-of-activity method and estimates that the useful life of the machine is 125,000 units. Actual usage is as follows: 2012, 45,000 units; 2013, 35,000 units; 2014, 25,000 units; 2015, 20,000 units. (c) Which method used to calculate depreciation on machine B reports the highest amount of depreciation expense in year 1 (2012)? The highest amount in year 4 (2015)? The highest total amount over the 4-year period? EXERCISE 7.3 At the beginning of 2010, Sarofim Company acquired equipment costing $90,000. It was estimated that this equipment would have a useful life of 6 years and a residual value of $9,000 at that time. The straight-line method of depreciation was considered the most
23. with this type of equipment. Depreciation is to be recorded at the end of each year. During 2012 (the third year of the equipment’s life), the company’s engineers reconsidered their expectations, and estimated that the equipment’s useful life would probably be 7 years (in total) instead of 6 years. The estimated residual value was not changed at that time. However, during 2015 the estimated residual value was reduced to $5,000. Instructions Indicate how much depreciation expense should be recorded each year for this equipment, by completing the following table. EXERCISE 7.4 At December 31, 2012, Alina Company reported the following as plant assets. During 2013, the following selected cash transactions occurred. April 1 Purchased land for $2,130,000. May 1 Sold equipment that cost $780,000 when purchased on January 1, 2009. The equipment was sold for $450,000.
24. land purchased on June 1, 2003 for $1,500,000. The land cost $400,000. July 1 Purchased equipment for $2,000,000. Dec. 31 Retired equipment that cost $500,000 when purchased on December 31, 2003. No salvage value was received Instructions (a) Journalize the above transactions. The company uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 50-year life and no salvage value. The equipment is estimated to have a 10-year useful life and no salvage value. Update depreciation on assets disposed of at the time of sale or retirement. (b) Record adjusting entries for depreciation for 2013. (c) Prepare the plant assets section of Alina’s balance sheet at December 31, 2013.

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